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HAL Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Net asset value increased by €1,181 million in the first nine months of 2025, reaching €16,409 million as of September 30, 2025, after accounting for dividends and treasury share purchases.
Value of quoted interests and liquid portfolio decreased by €180 million between September 30 and November 21, 2025.
Financial highlights
Revenues from unquoted companies rose to €7,722 million for the first nine months of 2025, up 3.7% year-over-year.
Operating income from unquoted companies increased to €1,063 million, up €184 million compared to the same period last year.
Third quarter revenues from unquoted companies were €2,566 million, a 2.3% increase year-over-year at constant currency.
Segment performance
Unquoted interests' value rose to €8,731 million as of September 30, 2025, from €8,231 million at year-end 2024.
Quoted interests' market value increased to €5,048 million from €4,387 million at year-end 2024.
Liquid portfolio stood at €2,259 million, with 90% in fixed-income and 10% in equities.
Detail drivers of €180M NAV drop post-Q3
What drove unquoted organic operating income growth?
Explain the liquid portfolio's Q3 value decrease
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Frequently asked questions
HAL Trust is a financial trust holding company with a strategic focus on acquiring and holding significant shareholdings in various companies, operating primarily through its subsidiaries. The company's investment strategy is geared towards companies that offer high returns on invested capital with positive long-term prospects. Its portfolio includes both quoted investments, such as shareholdings in companies listed on European stock exchanges like and significant positions in non-quoted entities across a range of sectors. The company is headquartered in Monte Carlo, Monaco, and its shares are listed on the Amsterdam Stock Exchange.
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